Why is rent so high in Reno?

The rising rent occurs as high demand puts pressure on the markets available housing supply, with some neighborhoods approaching near-zero vacancy. The vacancy rate during the third quarter was 2.24%, far below the 5% vacancy rate typically seen in a balanced market.

Is rent high in Nevada?

Rising rents While researchers found that rent rates across the country were swelling rapidly, Nevada and Las Vegas rents in particular were increasing at a faster rate than the rest of the United States. The average percentage rent growth in Nevada was 19.9%, Las Vegas 18.9% and the United States 10.3%.

Can landlords raise rent during coronavirus?

Can my landlord raise the rent during the coronavirus? It depends. If you and your landlord signed a lease, your landlord cannot raise your rent until the lease ends, unless you agreed otherwise in the lease. Some states and cities are freezing rents during the coronavirus crisis.

How much can landlord raise rent in Nevada?

Currently, Nevada does not have any “rent control” laws and landlords may increase the rent to any amount which the market will bear. For space rentals in manufactured home parks under Chapter 118B, a landlord must give written notice to the tenant 90 days prior to the first increased payment (NRS 118B.

Is Reno in a housing bubble?

The number of houses on the market has decreased 75 percent from a year ago, escalating prices, MacDonald said. The median sale price in March for a single-family home in the Reno/Sparks area was $485,000, up 7.8 percent from February, according to data from the association.